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• Iowans Deserve More From Their Banks During Tough Times

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Iowa Home Owners Not Receiving Help from Banks During Foreclosure Crisis...
Posted on 1/9/2011

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Iowa Legal News | Cedar Rapids Lawsuit News

Iowa Home Owners Not Receiving Help from Banks During Foreclosure Crisis

Despite Congress enacting the Home Affordable Modification Program (HAMP), Iowa home owners find most banks unwilling to modify their mortgages and are loosing their homes because of it. The Cedar Rapids Gazette recently reported on a Marion family who had tried working with their bank, Wells Fargo, to obtain a loan modification only to find a bureaucracy unwilling to assist them.

Their story is the same as many homeowners throughout Iowa, who have found it incredibly difficult to obtain loan modifications and are instead facing foreclosure. The Gazette quoted John Gianola, managing attorney with Iowa Legal Aid in Cedar Rapids as stating "They've created this bullet-train system that rushes toward foreclosure, but this other train that's supposed to work with people is an antiquated steam engine that just breaks down." Iowa has created the only statewide response to the mortgage foreclosure crisis that providing homeowners with assistance completely free of charge. Still, without cooperation from the bank, home owners do not get the relief they need. 
 
This is true nationwide. A congressional report relating to load modifications found that "the private sector was either unwilling to conduct mortgage modification on its own of a scope and scale necessary to stem the tide." 

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Brady & O'Shea, Attorneys at Law, is located in Cedar Rapids and serves the following cities and counties across Eastern Iowa:

Cities: Cedar Rapids, Cedar Falls, Iowa City, Des Moines, Dubuque, Davenport, Waterloo, Ames, Hiawatha, Vinton, Center Point, Cascade, Monticello, Anamosa, Manson, Clinton, Burlington, Newton, Grinnell, Brooklyn, Williamsburg, North Liberty, and Coralville.

Counties: Linn County, Benton County, Buchanan County, Cedar County, Delaware County, Iowa County, Johnson County, Jones County, Black Hawk County, Tama County, Delaware County, Dubuque County, Jackson County, Clinton County, Muscatine County, Louisa County, Washington County, Clayton County, Fayette County, Bremer County, Scott County, Keokuk County, Poweshiek County, and Henry County.

Brad Brady

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